It wasn’t long ago that you executed your will, established your trust, and created your durable power of attorney. At the time, you were confident that everything was in place. You had no doubts and gladly crossed the task off of your to do list.
Could It Be Time to Look at Your Estate Plan Again Already?
Estate plans do need to be modified from time to time. For someone middle aged or a senior, it may be less frequent than it is for a young professional. Right now, you are getting your career and family started. Things are changing fast, and you may face major life events like:
- Starting a new job and earning a higher salary. This may create estate tax implications that you want to address now.
- Getting married. You may want to ensure that your new spouse is cared for in your estate plan, named as a beneficiary, and has the power to make medical and financial decisions on your behalf if you are incapacitated.
- Having children. When you have kids, you may want to make sure that a guardian is named for them and they are provided for financially.
- Getting divorced. If you get divorced, you may want to amend your estate plan, so your former spouse is not the primary or sole beneficiary of your estate.
Life changes fast. Make sure that your estate plan changes with it. If you’ve had a major life event and you are thinking about modifying your current will or trust, contact your estate planning lawyer to discuss those changes.